| 3. | | Question: | (c) A person invests Rs. 10,000 for two years at a certain rate of interest compounded annually. At the end of one year this sum amounts to Rs. 11,200. Calculate :-
(i) the rate of interest per annum.
(ii) the amount at the end of the second year.
(Type in the answers separated by commas. Leave no spaces around the commas.) | | Answer: | 12,12544.00 | | Explanation: | (i) I = A − P = 11200 − 10000 = Rs. 1200 | ⇒ R | = | 100I
PT | (½) = | 100 × 1200
10000 × 1 | (½) | = 12% (1) |
| (ii) A = P | ( | 1 + | r
100 | ) | n | (½) = 10000 | ( | 1 + | 12
100 | ) | 2 | = 10000 × | 28
25 | × | 28
25 | (½) | = Rs. 12544.00 (1) | | Formula for simple interest: I | = | PRT
100 | , where I = Simple interest, P = Principal, R = Rate and T = Time. | | Formula for compound interest: A = P | ( | 1 + | r
100 | ) | n | , where A = Amount, P = Principal, r = Rate and n = Time. | |
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